Private landlord says he'll have to make his tenant 'homeless'

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Landlord Adam from Hartford told LBC that due to rising interest rates and tax breaks he will be forced to sell his property and make his own single mother tenant homeless. He argued that she has been a “fantastic tenant” for over seven years but he is now “forced into a corner” where it has become impossible for him to rent out the property.

Adam from Hartford told LBC host Shelagh Fogarty: “Due to the rising interest rates, the tax breaks which have been continuously eroded over the years, I’m gonna have to make my tenant homeless.

“It breaks my heart, she’s a single mother and she’s been a fantastic tenant for seven years.

“I’m a private landlord, my full time job.

“When I moved out with my wife seven years ago, through hard work, I managed to keep hold of the property and it’s given me a small income over the past seven years.”

He added: “I’m forced into a corner where you can’t afford to rent it out.

“I’ve got sell it, I’ve got no other choice.

“She’s been the perfect tenant, really nice children, really nice lady.

“I’m forced into a corner where the little income that I do get from it I’m gonna have to sacrifice it anyway because it would be wiped out by those costs with it.”

He concluded: “The tax breaks and the insurance with the interest rates is due to renewal and the mortgage soon, I have no other choice. 

“It saddens me to think that I’ve got to inform her at some point soon that she can’t live there anymore”.  

The comments came as the Bank of England has warned that due, to inflation levels now reaching 10.1 percent, interest rates could see another 0.5 percent rate hike next month.

On 4 August, the Bank of England had already pushed interest rates by 0.5 percent in attempt to prevent inflation running out of control.

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A Reuters poll, conducted in light of the ONS’s latest inflation rate hike announcement, found that 30 of 51 economists expect interest rates to jump from the current 1.75 to 2.25 percent in September.

Inflation has now reached the highest level in 40 years, the biggest jump in cost of living since 1982.

ONS chief economist Grant Fitzner explained that the current rise in inflation is due to rising prices of a wide range of food products.

Mr Fitzner said: “A wide range of price rises drove inflation up again this month.

“Food prices rose notably, particularly bakery products, dairy, meat and vegetables, which was also reflected in higher takeaway prices. Price rises in other staple items, such as pet food, toilet rolls, toothbrushes and deodorants also pushed up inflation in July.

“Driven by higher demand, the price for package holidays rose, after falling at the same time last year, while air fares also increased. The cost of both raw materials and goods leaving factories continued to rise, driven by the price of metals and food respectively”.

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